https://www.taxtmi.com/news?id=41769 A 1% Tax Collected at Source (TCS) applies to specified luxury goods sold above the stated monetary threshold, including wrist watches, art objects, collectibles, yachts, helicopters, luxury handbags, sunglasses, footwear, high-end sportswear and equipment, home theatre systems, and horses for racing or polo. The seller is obligated to collect TCS at sale; the tax collected is adjustable against the purchaser's income tax liability and requires submission of purchaser identification, thereby enhancing traceability and financial transparency under the legislative amendment that extended TCS to high value discretionary expenditure. en-us Wed, 23 Apr 2025 16:16:03 +0530 Wed, 23 Apr 2025 16:16:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=41769 A 1% Tax Collected at Source (TCS) applies to specified luxury goods sold above the stated monetary threshold, including wrist watches, art objects, collectibles, yachts, helicopters, luxury handbags, sunglasses, footwear, high-end sportswear and equipment, home theatre systems, and horses for racing or polo. The seller is obligated to collect TCS at sale; the tax collected is adjustable against the purchaser's income tax liability and requires submission of purchaser identification, thereby enhancing traceability and financial transparency under the legislative amendment that extended TCS to high value discretionary expenditure. News - Wed, 23 Apr 2025 16:16:03 +0530 https://www.taxtmi.com/news?id=41769